Mortgage Resolution Partners has signed up Richmond, Calif. and several other unnamed cities to try to prevent foreclosures by using their eminent-domain powers to seize mortgages and restructure them with lower principal amounts and payments. The Association of Mortgage Investors and the Securities Industry Financial Markets Association have warned that lenders would spurn any city pursuing such a scheme. Officials in San Bernardino, Calif. and several other cities explored the idea last year but decided not to pursue it. Source: Forbes.com.
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